: Bank of America hit with $12 million CFPB fine for false reporting

The Consumer Financial Protection Bureau (CFPB) has slapped Bank of America Corp. BAC with a $12 million fine for reporting false mortgage lending data, the agency said Tuesday. The CFPB said that Bank of America failed to ask some required demographic questions of mortgage applicants for at least four years, while falsely indicating that those applicants declined to respond to the questions. “It is illegal to report false information to federal regulators, and we will be taking additional steps to ensure that Bank of America stops breaking the law,” CFPB Director Rohit Chopra said in a release. Bank of America shares are off fractionally in afternoon trading Tuesday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.